Another Hacker Attack on a Cryptocurrency Platform: How Much Has Been Stolen From Which Altcoins?

According to Etherscan’s data, it claims to provide sustainable income through staking. cryptocurrency protocol, TempleDAO, announced this morning that it had stolen 1,830 ETH from one of its staking vaults.

TempleDAO Says Stolen Cryptocurrency Is Worth $2.3 Million

The amount stolen corresponds to approximately $2.3 million at the time of this writing.

A TempleDAO developer said in a statement on the project’s Discord channel that CORE vaults holding over $100 million in stablecoins were unaffected and “the attacker cannot do any further damage.”

“Compensations will be made for all affected users,” the developer wrote.

Data from Etherscan shows that a withdrawal from the project’s STAX staking vault took place on October 11.

According to an announcement on TempleDAO Discord, the unauthorized withdrawal made was “exactly 1,418,303. TEMPLE and 1,362,438 FRAX” altcoin took shape.

The hacker then sold those TEMPLE tokens for the stablecoin FRAX. It seems that 1.1 ETH was added to the account to which the hacked funds were transferred, about an hour and a half before the event took place.

Smart contract and cross-chain bridge vulnerabilities have been a major concern in light of multiple code attacks over the past year. Recently, a hacker stole $2 million from the WANplatform cross-chain bridge.

Blockchain security firm Paladin tweeted that the TempleDAO hack was related to a smart contract attack unrelated to cross-chain bridges.

This attack resulted from “various malpractices” in one of the staking functions that allowed users to migrate staked tokens from a legacy contract. The hacker called this particular function with a fake address, giving them access to withdraw all funds from the vault instead of the new contract.

Security firm Paladin said it was “one of the most trivial attacks of this scale in a while.” The hacked contract was made available 100 days ago, and the vulnerability exploited today has been present from the very beginning.

*Not investment advice.